Summarized financial results for the quarter ended March 31 are as
follows (dollars in thousands, except per share data):

Three months ended

March 31,

%

2012

2011

change

Total revenues

$

2,552,114

$

2,365,472

7.9

%

Net revenues:

Transportation

Truck

$

315,409

$

294,500

7.1

%

Intermodal

9,711

9,600

1.2

%

Ocean

15,761

15,570

1.2

%

Air

8,873

9,185

-3.4

%

Other logistics services

17,462

14,065

24.2

%

Total transportation

367,216

342,920

7.1

%

Sourcing

31,943

32,999

-3.2

%

Payment services

15,587

14,422

8.1

%

Total net revenues

414,746

390,341

6.3

%

Operating expenses

245,201

233,626

5.0

%

Operating income

169,545

156,715

8.2

%

Net income

$

106,500

$

97,028

9.8

%

Diluted EPS

$

0.65

$

0.59

10.2

%

Our truck net revenues, which consist of truckload and
less-than-truckload (“LTL”) services, increased 7.1 percent in the first
quarter of 2012. Our truckload volumes increased approximately eight
percent in the first quarter of 2012 compared to the first quarter of
2011. Our truckload net revenue margin decreased in the first quarter of
2012 compared to the first quarter of 2011, due to our cost per mile
rising faster than our price per mile, and due to the higher cost of
fuel. Excluding the estimated impacts of the change in fuel, our
truckload pricing to our customers increased approximately one percent
in the first quarter of 2012 compared to the first quarter of 2011. Our
truckload transportation costs increased approximately two percent,
excluding the estimated impacts of the change in fuel. Our LTL net
revenues increased approximately 13 percent. The increase was driven by
an increase in total shipments of approximately 13 percent and pricing
increases.

Our intermodal net revenue increased 1.2 percent in the first quarter of
2012. This was due to volume growth and price increases, largely offset
by decreased net revenue margin. Our net revenue margin decline was due
to a change in our mix of business.

Our air transportation net revenue decreased 3.4 percent in the first
quarter of 2012 due to pricing declines, partially offset by volume
increases.

Other logistics services, which include transportation management
services, customs, warehousing, and small parcel, increased 24.2 percent
in the first quarter of 2012. This was primarily due to increases in our
transportation management and customs net revenues.

Sourcing net revenues decreased 3.2 percent to $31.9 million in the
first quarter of 2012 from $33.0 million in the first quarter of 2011,
primarily due to decreased net revenue margin, partially offset by
volume growth.

Our Payment Services revenues increased 8.1 percent in the first quarter
of 2012 primarily due to fee increases driven by higher fuel prices and
changes to merchant agreements, and by an increase in MasterCard® transactions
and other fuel card services.

For the first quarter, operating expenses increased 5.0 percent to
$245.2 million in 2012 from $233.6 million in 2011. This was due to an
increase of 4.8 percent in personnel expense and an increase of 5.5
percent in other selling, general, and administrative expenses. For the
first quarter, operating expenses as a percentage of net revenues
declined to 59.1 percent in 2012 from 59.9 percent in 2011.

Our personnel expense increase was driven by an increase in average
headcount of approximately nine percent, partially offset by declines in
our various incentive plans that are designed to keep expenses variable
with changes in net revenues and profitability. Other operating expense
growth was driven primarily by an increase in the provision for doubtful
accounts and travel expenses.

Through April 23, 2012, our North American truckload volume growth per
business day was approximately 10 percent. Through the same period, our
total net revenue growth per business day was approximately one percent.

Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest
non-asset based third party logistics companies in the world. C.H.
Robinson is a global provider of multimodal transportation services and
logistics solutions, currently serving over 37,000 active customers
through a network of 235 offices in North America, South America,
Europe, Asia, Australia, and the Middle East. C.H. Robinson maintains
one of the largest networks of motor carrier capacity in North America
and works with approximately 53,000 transportation providers worldwide.

Except for the historical information contained herein, the matters set
forth in this release are forward-looking statements that represent our
expectations, beliefs, intentions or strategies concerning future
events. These forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially
from our historical experience or our present expectations, including,
but not limited to such factors as changes in economic conditions,
including uncertain consumer demand; changes in market demand and
pressures on the pricing for our services; competition and growth rates
within the third party logistics industry; freight levels and increasing
costs and availability of truck capacity or alternative means of
transporting freight, and changes in relationships with existing truck,
rail, ocean and air carriers; changes in our customer base due to
possible consolidation among our customers; our ability to integrate the
operations of acquired companies with our historic operations
successfully; risks associated with litigation and insurance coverage;
risks associated with operations outside of the U.S.; risks associated
with the potential impacts of changes in government regulations; risks
associated with the produce industry, including food safety and
contamination issues; fuel prices and availability; and the impact of
war on the economy; and other risks and uncertainties detailed in our
Annual and Quarterly Reports.

Presentation slides and a simultaneous live audio webcast of the
conference call may be accessed through the Investor Relations link on
C.H. Robinson’s website at www.chrobinson.comTo
participate in the conference call by telephone, please call ten minutes
early by dialing: 877-941-9205. Callers should reference the conference
ID, which is 4528312Webcast replay available through
Investor Relations link at www.chrobinson.comTelephone
audio replay available until 12:59 a.m. Eastern Time on April 27:
800-406-7325; passcode: 4528312#